Oilfield Services

ProFrac Pumps Up Horsepower, E-Fleets with Takeover of U.S. Well Services

ProFrac Pumps Up Horsepower, E-Fleets with Takeover of U.S. Well Services

ProFrac Holdings Inc., on an acquisition tear since early this year, has snapped up more equipment to create the second largest U.S. fracturing company by total horsepower and the largest electric fleet operator. The stock-for-stock trade with electric hydraulic fracture (frack) company U.S. Well Services Inc. (USWS) is set to be completed by year’s end.…

June 27, 2022
Continued Uncertainty Has Some Upstream Firms Eying Mexico Exit, Industry Expert Says

Continued Uncertainty Has Some Upstream Firms Eying Mexico Exit, Industry Expert Says

In the Mexico energy industry, the prevailing challenge “is the uncertainty about when the rules are going to change again,” said Alma Del Toro, President of Blue Bull Energy. “And because Mexico keeps changing its mind, that creates the worst nightmare for any investor.” Del Toro, who has more than 25 years of experience in…

June 10, 2022
Texas Gains 5,200 Direct Natural Gas and Oil Jobs from March to April

Texas Gains 5,200 Direct Natural Gas and Oil Jobs from March to April

Texas’ upstream natural gas and oil industry added 5,200 direct jobs from March to April, bringing the state’s latest direct upstream headcount to 190,400, the Texas Independent Producers and Royalty Owners Association (TIPRO) said Friday. “Texas operators are responding to the call to increase production, despite facing numerous challenges, including inflationary pressures, workforce shortages and…

May 23, 2022
Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Laredo Petroleum Inc. has locked in pricing for most of its oilfield services operations through the rest of this year to counter inflation, but costs for the diesel fuel and chemicals needed to sustain them remain harder to predict. “We worked with our service partners to lock in 85% of expected drilling, completions, equipment and…

May 20, 2022
Centennial Eyeing 10-15% Permian Oil, Gas Production Growth in 2022

Centennial Eyeing 10-15% Permian Oil, Gas Production Growth in 2022

Denver-based Centennial Resource Development Inc., whose operations are focused on the Permian Basin, is sticking to its guidance of upping production by 10-15% this year. In an earnings call, CEO Sean Smith said the company was holding to its current two-rig program. “Should we want to add a third rig in the future because prices…

May 18, 2022
Calgary’s Gibson Energy, Pason Post Gains on Expansions, Higher Prices

Calgary’s Gibson Energy, Pason Post Gains on Expansions, Higher Prices

Gibson Energy Inc. is maintaining talks about expansions and its energy transition goals as it stacks gains from the first three months of the year thanks to increased commodity prices. The Calgary oilfield service firm’s gains were led by the oil marketing business, according to the company. Volumes grew by 20% to 58,088 b/d in…

May 9, 2022
NOV Navigating Inflation, Messy Supply Chains, but Energy Upcycle Seen ‘Lasting A While’

NOV Navigating Inflation, Messy Supply Chains, but Energy Upcycle Seen ‘Lasting A While’

More demand for oil and gas equipment has put oilfield technology expert NOV Inc. in a sweet spot for 2022, with the bitter sting of rising costs and broad supply chain issues likely to continue for some time, according to the management team. CEO Clay Williams held the microphone to discuss 1Q2022 results and the…

May 5, 2022
Helmerich & Payne CEO Says Activity Climbing as E&Ps Cautiously Expand

Helmerich & Payne CEO Says Activity Climbing as E&Ps Cautiously Expand

Top oilfield services contractor Helmerich & Payne Inc., whose rig technology is used around the world, is eyeing higher contract revenue as oil and natural gas supply tightens and demand expands. During a conference call to discuss fiscal 2Q2022 results, CEO John Lindsay said exploration and production (E&P) customers are remaining disciplined about their capital…

April 28, 2022
RPC CEO Forecasts ‘Beginning Stages’ of Strongest OFS Market in Years

RPC CEO Forecasts ‘Beginning Stages’ of Strongest OFS Market in Years

Atlanta-based RPC Inc., which provides an array of oil and natural gas services for global customers, saw business improve “moderately” during the first quarter, but the pace is set to accelerate through the year, CEO Rick Hubbell said. The 1Q2022 activity levels by the exploration and production (E&P) customers began to improve early this year,…

April 27, 2022
Liberty Says Business Booming on Tighter Frack Market as E&Ps Ramp Up

Liberty Says Business Booming on Tighter Frack Market as E&Ps Ramp Up

Denver-based Liberty Oilfield Services Inc., one of the largest completions experts in North America, is gearing up for increasing activity as exploration customers expand, according to CEO Chris Wright. The hydraulic fracturing (fracking) expert issued its first quarter results on Thursday, with Wright helming the conference call. Quarterly revenue jumped 16% sequentially – a strong…

April 22, 2022
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